Market Overview for Steem/Tether (STEEMUSDT)

Summary
• STEEMUSDT traded in a tight range before surging past 0.0740, forming a bullish reversal pattern at 0.0725.
• Volume spiked near the 24-hour high, confirming strength, while RSI edged into overbought territory.
• Bollinger Bands expanded with a late 5-minute break above the upper band, indicating rising volatility.

Steem/Tether (STEEMUSDT) opened at 0.0725, hit a 24-hour high of 0.0758, and closed at 0.0757 by 12:00 ET. Total volume was 7,088,958.1 with a turnover of $533,409. The price moved in a tight range before surging late, driven by a sharp increase in buying pressure.

Structure & Key Levels

The pair found initial support at 0.0720 and 0.0725, with a bullish engulfing pattern forming at 0.0725.

Price then broke out to the upside, testing and clearing the 0.0740 level before forming a strong high at 0.0758. The 0.0750–0.0755 zone appears to be the next area of interest, with potential for a pullback or consolidation.

Momentum and Indicators

The 5-minute RSI pushed into overbought territory above 70 following the late surge, suggesting a possible pause or retracement. MACD showed a positive crossover and a rising histogram, confirming upward momentum. The 20-period EMA crossed above the 50-period EMA, reinforcing bullish bias.

Volatility and Bollinger Bands

Volatility remained subdued for most of the day but expanded sharply after 16:00 ET. Price closed just above the upper Bollinger Band on the final 5-minute candle, signaling a high-volatility breakout and increased conviction in the bullish move.

Volume and Turnover

Volume remained low during consolidation but spiked dramatically near the 24-hour high, particularly during the 16:00–17:00 ET period. Turnover rose in tandem with the price action, showing strong liquidity and participation. The divergence between early consolidation and late breakout confirms the strength of the move.

Fibonacci Retracements

On the 5-minute chart, the 61.8% Fibonacci retracement level at 0.0748 held briefly before the price extended to the 0.0758 high. For the daily chart, the 38.2% and 61.8% levels align near 0.0744 and 0.0739, respectively. A retest of the 0.0748 level could offer entry or reversal signals.

STEEMUSDT appears to have broken out of a defined range with strong confirmation. The coming 24 hours may see a continuation of bullish momentum, but a retest of key resistance levels or a pullback to the 0.0740–0.0735 zone could signal a pause. Investors should remain cautious and watch for signs of overbought conditions resolving.